CXMT prices Shanghai STAR Market IPO at $85 billion, Asia's largest of 2026

ChangXin Memory Technologies, the Hefei-based DRAM chipmaker known as CXMT, priced its Shanghai STAR Market IPO at a valuation of about 579 billion yuan, or roughly $85.2 billion. Shares were priced at 8.66 yuan (about $1.28) each.

The offering sold about 6.69 billion shares, near 10% of enlarged capital, to raise gross proceeds of 57.92 billion yuan (about $8.6 billion), rising to as much as 66.61 billion yuan if an over-allotment option is exercised. That makes it Asia’s largest IPO of 2026 and the largest A-share listing by a Chinese chipmaker, topping the 53.23 billion yuan that Semiconductor Manufacturing International Corporation (SMIC) raised in its 2020 Shanghai debut.

Demand was heavy. The retail tranche ran about 212 times oversubscribed across about 9.4 million investor accounts, which submitted orders worth roughly 7.07 trillion yuan; the institutional tranche was covered more than 460 times.

The scale reflects Beijing’s push to build a domestic memory-chip supply chain as US export controls restrict China’s access to advanced foreign semiconductors. CXMT ranked as the world’s fourth-largest DRAM maker by fourth-quarter 2025 sales, with about 7.7% global share, according to Omdia data cited by market reporting, still far behind Samsung, SK Hynix and Micron.

CXMT is scheduled to begin trading on the STAR Market on Monday, July 27, with no daily price-move limit for its first five sessions, a structure that can produce sharp swings on debut.